Insurances Relating To Liabilities

Professional Indemnity Insurance

This policy indemnifies the insured against loss arising from any claim or claims for breach of duty, by reason of any neglect, error or omission whenever and where ever committed or alleged to have been committed in the conduct of the insured’s business in their professional capacity which may be against them during the currency of the policy.

Information required to prepare quotation are as follows:

  • Limit of Liability anyone occurrence (e.g. N10,000,000.00)
  • Aggregate Limit of Liability anyone period of insurance
  • Indicative rate of premium ranges between 0.35% - 1.5%

Public / Product Liability Insurance

This policy covers any legal liability to the public (Third Party) arising out of your operations The policy indemnifies the insured against all sums for which they shall become legally liable to pay in respect of:

  • Death Accidental bodily injury to any person
  • Accidental loss of or damage to property
  • Arising during the period of insurance and in course of the insured’s business.

Requirement:

Limit of Liability anyone occurrence / event as well as turnover of the company are required for premium computation. Rate of premium ranges between 0.1% and 0.25%

Fidelity Guarantee Insurance

This policy will indemnify you against such direct loss of money and/or goods belonging to the company or held by them in trust or on commission for which they are responsible at law, resulting from any act of fraud, infidelity or dishonesty committed by any of the employees (acting either solely or in connivance with another) covered under the policy, provided the loss is discovered during the currency of this insurance or within twelve calendar months of the termination of the employment of the employee (s) concerned whichever shall first occur.

This policy is usually arranged to cover employees handling cash, stock/materials as well as those that are entrusted with the properties of the company. Premium rate ranges from 0.75% to 3%

Bond Insurance

Bond is an agreement between three parties that has legal force. It is a promise by surety to pay the beneficiary a sum of money if the performance guaranteed in terms of the bond fails to materialize.

This is a type of insurance whereby insurance company guarantees schedule of payments on a bond in the event of a payment / performance default by the Guarantee/Contractor.

There are three parties to this policy:
  • The Principal
  • Contractor l
  • Insurer (surety)

There are different types of Bond which are as follows:
  • Performance Bond: Covers the principal if the contractor fails to perform the contract to the satisfaction of the principal.
  • Advance Payment Bond: Covers the principal if the contractor fails to utilize the advance payment received for the purpose for which it was granted..
  • Custom Bond: It covers the principal if the customs agent fails to perform his duties to the satisfaction of the Nigerian Customs Service.
  • Bid Bond: It guarantees that the party tendering for the contract will not withdraw once the job is accepted and will take full responsibility for the work in accordance with its offer and specification.
    • ,
    Requirements:
    • Completion of our proposal form
    • Physical inspection/pre-loss survey of your farm Standard farm management and Good Agronomy Practice (GAP).

Occupiers Liability Insurance

Occupiers Liability Insurance is designed for individuals or corporate organizations that own or occupy a building that is for public use.

Why do you need Occupiers Liability?

  • It is the law!
  • Reimbursement of payment of third parties injuries and/or death while in the premises transacting business

The benefits are:

  • Compensation as a result of accidental bodily injury or death to any person in the building insured.
  • Compensation as a result of accidental loss of or damage to property of third parties occurring in connection with the insured’s business.
  • The legal costs recoverable by any claimant from the Insured.
  • Costs and Expenses incurred with the written consent of insurers